Gujarat-based NBFC Raj Radhe Finance has offered Rs 1.3 billion to take over the debt of EPC firm Consolidated Construction Consortium (CCC), on top of National Asset Reconstruction Company (NARCL) offer of Rs 1 billion.
The offer was in response to a Swiss call from banks following narcl's anchor offer last month. This is the third bid that banks have received in response to narcl bids. It remains to be seen whether the government-backed bad loan aggregator uses its option to match or beat its challenger.
Even Raj Radhe's improved offer equates to a 5% recovery for lenders on the total outstanding contribution of Rs 26.23 billion. It is even lower than the promoter's settlement offer of Rs 1.95 billion, which had forecast a 7.5% recovery for banks. It is an EPC company that has no real assets, but there may be future claims and rewards that could provide some returns.
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